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By default, everyone has an estate plan. Government has defined rules on how your assets will be distributed after your death. If you die without a will, you have an intestate will, will created by the state.
As with many things in life, it seems like estate planning can wait until the next day. It is pretty obvious that no one in clear senses plans for his/her death. Or it may be the expense that’s keeping you at bay. Possibility that you just have no idea about the legal process your family might have to go through after your death for the possession of the assets and wealth you have left for them. Your estate plan can save them all that time and money.
Your estate planning allows you to decide how your assets will be distributed and can help your family avoid the hassling probate process, estate taxes, and long legal battles that can rip a family apart.
A will provides for the distribution of property owned by you at the time of your death in any manner you choose. Your will cannot, however, govern the disposition of properties that is beyond your sole authority like joint property, life insurance, retirement plans and employee death benefits, unless, of course if they are payable to your estate.
Wills can be of different types used as according to your need. There are simple will, testamentary trust will, pour over will, which have different degree of complexity and can be utilized to achieve a wide range of family and tax objectives. Whatever may be the definition of different types of wills, you are in sole control over how and to what scale you want the distribution of your assets. This is the picture you draw in your life time what you want for your family after your life. The purpose of the trust arrangement (as opposed to outright distribution) is also to ensure continued property management and creditor protection for the surviving family members, to provide for charities, and to minimize taxes.
Besides providing intended disposition of your property to spouse, children etc., your will can accomplish many other important objectives.Estate Planning: The Need by Harrison Barnes
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